Form 4: Orange County Bancorp EVP Gregory Sousa Disposes of Shares for Tax Obligations
SEC Form 4 Filing
Gregory Sousa, EVP and Deputy CLO of Orange County Bancorp, disposed of 425 shares of common stock on February 18, 2025, to cover tax obligations.
Summary
- On February 18, 2025, Gregory Sousa, the EVP and Deputy CLO of Orange County Bancorp, disposed of 425 shares of common stock at a price of $26.63 per share.
- This transaction was executed to cover tax obligations.
- Following the transaction, Sousa directly owns 8,079 shares of common stock and indirectly owns 4,655 shares through a 401(k).
- He also holds 2,379 shares of phantom stock related to the Performance-Based SERP.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing a routine transaction. It doesn't inherently convey positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates a sale of shares to cover tax obligations, which is a common practice among executives with equity compensation.
Stakeholder Impact
- The transaction is unlikely to have a significant impact on stakeholders as it is a relatively small number of shares being sold by an executive to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| February 15, 2023 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| March 11, 2024 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| January 10, 2025 | Two-for-one forward stock split of the Issuer's common stock. |
| February 18, 2025 | Date of the transaction where 425 shares were disposed of. |
| March 21, 2025 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| February 20, 2025 | Date of signature for the Form 4 filing. |
Keywords
Orange County Bancorp, Gregory Sousa, Form 4, Share Disposal, Executive Compensation, Stock Transaction, Beneficial Ownership, OBT, Tax Obligations, Phantom Stock, SERP, 401(k)
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